Debt Woes Shakeup Stocks; CIT Group Appoints John Thain

Stocks bounced back into negative territory on Monday as debt worries continued to flood the market. The Dow Jones Industrial Average shed 103 points and fell below the 10,000 mark for the first time in three months. Two stocks fell for every one that rose on the New York Stock Exchange. Volume came to 1.1 billion shares. Concerns about mounting debt in Europe hit stocks like a ton of bricks during morning trading. Investors are starting to have serious doubts about the current state of the global financial system. Financial shares tumbled in response to the concerns. A rally in commodity prices was able to ease some of the selling momentum today. The U.S. dollar finally lost steam against other major currencies after rallying last week. U.S. light crude oil for March delivery rose 70 cents to settle at $71.89 a barrel. Bond prices mostly fell, pushing their yields slightly higher.

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Commercial lender CIT Group is still trying to pick up the pieces after filing for bankruptcy last year. The company has appointed former chief executive of Merrill Lynch, John Thain as chairman and chief officer. Mr. Thain received a lot of scrutiny for paying out big bonuses despite huge losses at Merrill Lynch.  His current level of compensation is a big step away from the $83.1 million he took home at Merrill Lynch in 2007.

John  Thain and CIT Group: The Odd Couple

Apotheker Out as SAP CEO – Chief Executive Leo Apotheker along with two other board members resigned from the company on Sunday. Software giant SAP (SAP) has named Bill McDermott and Jim Hagemann Snabe as new co-CEOs.

SAP CEO exits: should investors cheer or worry?

CVS Caremark Corp. (CVS), the largest US distributor of prescription drugs, reported that fourth-quarter profit climbed 11 percent as the company acquired new customers and boosted its pharmacy-benefit claims with the addition of RxAmerica.

Hasbro Blows by 4Q Expectations – Hasbro Inc. (HAS) reported a stronger-than-expected quarterly profit. How was the company able to exceed analysts’ expectations? Will the same level of momentum spill over into subsequent quarters or will the company shift back into reverse?

Federal Reserve Chairman Ben Bernanke and the central bank will begin laying out an exit strategy. The plan will likely include details on how the bank will raise interest rates and reverse stimulus that is currently being funnel into different sectors.

Video – Fed, Economy & You

Toyota Motors Corp. (TM) is in denial mode as speculation increases that the automaker will recall an additional 300,000 vehicles regarding a braking issue. The recall is expected to start in Japan this week and only focus on 2010 models.

Video – The Future of Toyota

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What Happens if China’s Bubble Pops?

7 Reasons Job Hoppers Are Worse Off in Retirement – Switching employers too often can result in less money for retirement.

Can Microsoft Save Itself? – A former Microsoft exec says the company has lost its ability to innovate. Is this the beginning of the end for the software giant?

8 Things to Know About a SEP IRA in 2010 – Here are some items that you need to know about the SEP IRA for 2009 and 2010.

Launching a New Career – Focus on what you can do rather than what you have done.

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